'Melo-dious: Signing stars to sports teams, like the Knicks' acquisition of Carmelo Anthony, can add value.
William Waitzman for Barron's

"MSG is a content company, and they just upgraded their content," says Gabelli analyst Christopher Marangi, who pegs its sum-of-the-parts value at more than 50. MSG stock is trading at 27, up 37% since being spun off from Cablevision (CVC) last February.

MSG had plenty to cheer about even before Anthony. Its Sports business unit, which includes the Knicks and other pro teams and contributes 34% to revenue, helped the revenue for the first nine months jump $724 million.

Analyst Rich Tullo of Albert Fried Co. estimates MSG could realize $50 million in incremental revenue if the Knicks go deep into the playoffs, which could add up to 15 cents to EPS and $3 to the stock price.